S&P: Wimm-Bill-Dann on positive watch

Standard & Poor's said it placed its B+ long-term corporate credit rating and ruA+ Russia national-scale rating on Wimm-Bill-Dann Foods OJSC on CreditWatch with positive implications.

This follows preliminary analysis of the company's recently announced 2006 operating and financial results, the agency said.

S&P added that the CreditWatch placement reflects the continuing positive trend in Wimm-Bill-Dann's operating performance, together with a more resilient financial risk profile. Expanding economies of scale, corporate streamlining and increased focus on cost control have helped the company to improve its operating profitability, as demonstrated by its year-end 2006 EBITDA margin, which climbed to above 12%.

The ratings are supported by Wimm-Bill-Dann's leading position in the Russian dairy products market, countrywide production and distribution coverage and improving efficiency, the agency said.

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